The World Bank has enabled three companies—First Solar Inc. from the U.S., Neoen SAS from France and Enel SA from Italy—to provide the cheapest solar power on the entire African continent to Zambia.

First Solar Inc. and Neoen SAS will jointly provide electricity to Zambian homes for 6.02 cents per kilowatt-hour, while Enel SA will be selling electricity for 7.84 cents per kilowatt-hour.

Through financial services as well as insurance and advisory roles, the World Bank, International Finance Corp. and the Multilateral Investment Guarantee Agency have created a sustainable energy movement through the Scaling Solar program. In addition, these groups are also investing in solar power for other sub-Saharan countries, such as Madagascar and Senegal.

This comes at a time in which renewable energy markets are emerging all over the world and becoming increasingly important. Investing in these companies and projects will allow electricity to expand to homes across the globe. As individuals who can afford it begin to purchase electricity, they will join the international market as new consumers of power.

Set for construction in the capital city of Lusaka, the private companies plan to complete their projects by mid-2017. They will work with local Zambian organizations, such as ZESCO, the state-run utility mogul, to ensure seamless operative standards between these international powers.

In recent years, the South African region has shown economic promise. Debt levels across the entire continent remain low and there is a set spending cap in the region. Consequently, these fiscal improvements have yielded an environment in which projects like cheap solar power can flourish.

Investing in countries stricken by poverty is an ideal way to receive a return on investment in U.S. companies, as citizens of those regions become future consumers of U.S. goods and services as they escape the cycle of poverty.

In the quest to intersect sustainability and capitalist ventures, bringing cheap solar power to Zambia—and hopefully to the rest of the continent—is a step in the right direction.

– Connor Borden

Photo: Greentechlead